Your Mega Million jackpot winnings could vary by more than $100 million depending on where you live.
But the winnings you'd take home could vary by as much as $106 million depending on where you bought your ticket, due to state taxes.
Federal taxes are the same for everyone. Winnings are taxed 24% upfront, although the total tax bill will almost certainly be 37% when you actually file, since you'll likely be in the highest tax bracket. In contrast, taxes on lottery winnings vary widely between U.S. states. They typically range from 3% to 6%, but go up to 10.9% in New York — the most charged by any state participating in the lottery.If you live in any of these states, you will take home the highest payout possible.
If you do happen to win the jackpot, consider hiring a tax professional. They can help you navigate the tax implications, including the best choice of payout and whether you owe out-of-state taxes.CNBC's new online course How to Earn Passive Income Online to learn about common passive income streams, tips to get started and real-life success stories. Register today and save 50% with discount code EARLYBIRD.Landmark $418 million settlement could slash homebuying costs
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